A €135 million financing package has been secured for a portfolio of renewable energy projects in Aragón, Spain. The funds, equivalent to $160 million, were arranged by NORD/LB, Rabobank, and Siemens Bank. The portfolio consists of three wind farms and two solar farms with a combined capacity of 199 megawatts.
The projects have been acquired by ENCAVIS, a pan-European independent power producer. They are already operational or are expected to become operational within the first three months of this year.
The financing includes a €117 million term facility with a maturity date of June 30, 2044. It also comprises a €5 million debt service reserve facility and a €13 million LC facility.
In the deal, NORD/LB served as Mandated Lead Arranger, Hedging Bank, and L/C Bank. Rabobank acted as Mandated Lead Arranger, Hedging Bank, Security & Facility Agent, and L/C Bank. Siemens Bank was a Mandated Lead Arranger.
The wind farms are equipped with 24 Nordex turbines. The solar farms will use a total of 98,000 bifacial ground-mounted solar panels. Once fully operational, the portfolio is projected to produce 467 gigawatt-hours of clean electricity each year.
"We're delighted to continue our long-standing relationship with ENCAVIS by supporting the development of its latest wind and solar portfolio in Spain," said Björn Heinemeyer, senior director at NORD/LB. "Spain is entering a pivotal phase in its renewable energy transition, and this portfolio will play an important role in helping the country achieve its ambitious wind and solar targets and accelerate the decarbonisation of the economy."
"The close and trusting cooperation with Rabobank, NORD/LB and Siemens Bank, as well as with our advisors, also sends a strong signal for our Aragon project in Spain," said Mario Schirru, CEO of ENCAVIS. "Building on a proven approach, we identify and acquire high‑quality projects and implement them together with reliable partners through long‑term, sustainable project financings. This not only underlines the strength of our business model, but also the great confidence our partners place in our company and our risk management."
Spain has committed to installing 62 gigawatts of wind power and 76 gigawatts of solar power by 2030 under its National Integrated Energy and Climate Plan. Clifford Chance provided legal advice to the bank consortium. Watson, Farley & Williams acted as legal adviser for ENCAVIS.